China’s WeChat Imposes Even Stricter Bans on Cryptocurrencies and NFTs

Chinese social media platform WeChat has updated its social media usage policies for people with shares in cryptocurrency and nonfungible tokens. Accounts that handle issuance, trading, and financing of cryptocurrencies will be marked as illegal business categories. These policies will impact 1.1 billion Chinese users. 

These policies will also incorporate accounts that are involved with secondary NFT trading. This was published on the news website, Wu Blockchain. Violating these policies may get restricted operations, which can be rectified, but failure to do so, the accounts can be permanently banned. This is a step further in banning cryptocurrencies and NFTs. However, despite these measures, interest in these assets is at an all-time high in China.